E10 blend wall, speculators are pushing up RIN costs, refiners say

The E10 blend wall and rampant speculation are driving up the price of ethanol Renewable Identification Numbers, which may cost consumers $13 billion, oil executives said. Traders and hedge funds are treating the RINs market like "a casino," said Michael Jennings, chairman and CEO of HollyFrontier. Geoff Cooper, vice president of research and analysis at the Renewable Fuels Association, said that the recent increase in RIN prices doesn't reflect market fundamentals and was partly caused by "some panic buying."